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A new law applied to a competitive market that requires laid off workers be paid a large severance payment will
Rent
A periodic payment made by a lessee to a lessor for the use of land, buildings, or other property.
Supply
The total amount of a specific good or service that is available to consumers at current prices.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Inelastic
Describing a situation in which the demand or supply of a good or service is relatively unresponsive to changes in price.
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